[akshaymahajan]

Originally Posted by Red Liner

The access roads to Athena is a nightmare. Also a mosque or two in the neighbourhood along with a temple and church. Expect noise all through the day and year.

Property will appreciate though.

Athena is over 2.5cr last I checked. Indiranagar is all 3+.

Was thinking of the 1 BHK/2BHK if they are still available and prices are what the website has. Honestly am so new to this that I have no idea what we have to pay above as government charges and all. 3 BHK is definitely out of budget.

I am open to all of Bangalore ATM since affording something to live in seems like a dream

[curiousElf]

Originally Posted by akshaymahajan

Bangalore folks - Looking for my first property investment. Would liked to have bought something which I could live in - but seems like you can't buy anything in 1.x Cr in the Indiranagar area. So now open to buying something for just investment purposes.

Looking for newer construction - open to floors or apartments. How should a noob go about this? All property forums/sub reddit seem to be dead.

Any reviews on the Godrej Athena project?

No opinion on the prices/property. Just be aware that Godrej Athena is not in Indiranagar. It does not even touch Indiranagar boundary. You need to cross a whole locality (J.B Nagar) to reach and its a good 2 KM from the closest extremity of Indiranagar. Not sure why their advertisements have been misleading on this front.

[am1m]

Originally Posted by curiousElf

Just be aware that Godrej Athena is not in Indiranagar. It does not even touch Indiranagar boundary.

Yep, I live pretty close to this area, and this is not Indiranagar at all. If they are advertising this project as being in Indiranagar, that is completely misleading.

And what on earth is up with rentals in Bangalore? Couple of my colleagues are saying that they need to move because their landlords are jacking up rental rates by huge amounts. And these guys are not freshers with starting salaries, these are people with 15, 20+ years experience and with both spouses working. Is this happening all over Bangalore, or just in the areas close to IT parks/schools?

[Red Liner]

Originally Posted by akshaymahajan

Was thinking of the 1 BHK/2BHK if they are still available and prices are what the website has. Honestly am so new to this that I have no idea what we have to pay above as government charges and all. 3 BHK is definitely out of budget.

I am open to all of Bangalore ATM since affording something to live in seems like a dream

1 and 2 bhk? Last i checked the 1bhk has been combined with the 3 and being sold. Where did you see this?

Also agree with other comments, but you can be sure there will be property appreciation big time.

[CrackedHead]

Originally Posted by am1m

And what on earth is up with rentals in Bangalore? Couple of my colleagues are saying that they need to move because their landlords are jacking up rental rates by huge amounts. And these guys are not freshers with starting salaries, these are people with 15, 20+ years experience and with both spouses working. Is this happening all over Bangalore, or just in the areas close to IT parks/schools?

Shobha Dream Acres - which isn't even a "Premium" project has seen rents shoot up from 30 K to 45K pm in a year for a 1200 sq ft. (now that people are back to the office). Thats a 50% increase in a year right there.

[mgoel]

It appears like rentals has gone up by 30-50% and finding a rental home itself is very difficult. It is probably a demand and supply issue that is leading to unprecedented increase. Not only rental, even the sale price has appreciated between 20-40%. Sometime back i saw a property being sold at 1.3 cr is now being sold at 1.8 cr

[am1m]

Originally Posted by CrackedHead

Thats a 50% increase in a year right there.

Originally Posted by mgoel

It appears like rentals has gone up by 30-50% and finding a rental home itself is very difficult.

Will affect property prices too- if people are going to be paying those rates, might as well pay EMIs. That's exactly what some friends of mine are thinking- might as well buy instead of renting.

Who would have thought? All these years I was reading about "excess inventory" and now there appears to be a shortage. Still wondering if this is only along some areas of the city, or if this is across the city.

[Rajeevraj]

Originally Posted by akshaymahajan

Bangalore folks - Looking for my first property investment. Would liked to have bought something which I could live in - but seems like you can't buy anything in 1.x Cr in the Indiranagar area. So now open to buying something for just investment purposes.

Looking for newer construction - open to floors or apartments. How should a noob go about this? All property forums/sub reddit seem to be dead.

Any reviews on the Godrej Athena project?

As mentioned by curiousElf, be very careful about the claims of a property 'being in' Indiranagar, Koramangala, Jayanagar, Rajaji Nagar, 10 min drive.. 15 min drive.. etc.. In most cases any new apartments will be a fair bit away from these core areas. If they are actually in these localities, rest assured they will be super premium with prices starting 2cr+. Better to make sure you are able to physically visit, make your own judgement of the claims before making any booking. My personal rule of thumb has always been-the property should be next to/walkable from a main road which has public transport options.

Prices are significantly shooting up in Bangalore and the starting prices for any reasonably sized 2/3 bedroom from premium builders are easily 1.5cr+.

The other trend in Bangalore now that I am seeing are these very small size apartments of 500-600sq feet. Because of the increase in pricing, these smaller size flats which even 10 years back you would never see in Bangalore are now pretty much common in most major builder repositories. This also enables them to quote a starting price of '60L or 70L', which if you look by Bangalore standards is significantly high for a 500sq feet apartment.

Originally Posted by curiousElf

No opinion on the prices/property. Just be aware that Godrej Athena is not in Indiranagar. It does not even touch Indiranagar boundary. You need to cross a whole locality (J.B Nagar) to reach and its a good 2 KM from the closest extremity of Indiranagar. Not sure why their advertisements have been misleading on this front.

Originally Posted by am1m

And what on earth is up with rentals in Bangalore? Couple of my colleagues are saying that they need to move because their landlords are jacking up rental rates by huge amounts. And these guys are not freshers with starting salaries, these are people with 15, 20+ years experience and with both spouses working. Is this happening all over Bangalore, or just in the areas close to IT parks/schools?

It is definitely true for all areas in the Whitefield, KR Puram, Marathahalli ORR, Sarjapur Road belt. There are takers for pretty much any rent an owner quotes. So there are a bunch of owners always looking for that next higher rent and inconveniencing tenants. It is pretty much unaffordable for families and the bachelor/bachelorette population still manage it as they divide by 4/5/6 and only look at their own share of it. A very basic, unknown builder, no amenities 2 bedroom can easily fetch 40k and if it is an apartment from a premium builder it can go to 60-70,000 and more.

I think this increased rentals is true across most parts of Bangalore, especially the areas which now have direct access to metro. The scale of increase is the highest in the IT corridors.

[am1m]

Originally Posted by Rajeevraj

It is pretty much unaffordable for families and the bachelor/bachelorette population still manage it as they divide by 4/5/6 and only look at their own share of it.

Exactly what I see happening with my colleagues, the 10+ years experienced people, where even both spouses are working, can't afford to rent at certain areas of Bangalore anymore (especially if they have children and need a bigger space). Ironically, the freshers can in those areas because they pool-in and are flexible with sharing/space requirements. What a situation, makes you wonder what you spent the last 10-15 years working for at all!

[akshaymahajan]

Originally Posted by Red Liner

1 and 2 bhk? Last i checked the 1bhk has been combined with the 3 and being sold. Where did you see this?

Also agree with other comments, but you can be sure there will be property appreciation big time.

Thank you. And you are right - I was misled by this 99acres page.

Originally Posted by Rajeevraj

As mentioned by curiousElf, be very careful about the claims of a property 'being in' Indiranagar, Koramangala, Jayanagar, Rajaji Nagar, 10 min drive.. 15 min drive.. etc.

Thank you all for this. I did not realise that even Godrej would do this. I was aware of the location - just wasn't just aware where the boundary of Indiranagar was

Open to all options across the city.

[condor]

Any idea if the guidance value & stamp duty charges in KA were revised effective 1-Aug-2023

[UMe]

Originally Posted by condor

Any idea if the guidance value & stamp duty charges in KA were revised effective 1-Aug-2023

I think by now you would have already known that the charges are the same, so far.
Also, by my experience in registration office yesterday, I see the Guidance value and Stamp duty Charges are still the same.

But the agent hinted that the charges are going to go upward anytime this month or so.

[Vitalstatistiks]

Bangalore folks are really passionate about property, going by almost exclusive traction on this thread. I smell a Team-SqFt opportunity

[Mystic]

Originally Posted by Vitalstatistiks

Bangalore folks are really passionate about property, going by almost exclusive traction on this thread. I smell a Team-SqFt opportunity

You are correct. Real estate and petrolheads have some connection. As an example, when we are buying cars, we look for the real estate in the car, I mean whether we are getting more car per car. Indian automakers like Mahindra and Tata have a clear advantage compared to other players as they can pass on the tax benefits by giving bigger car for a smaller price.

Coming back to the agenda of this thread, I booked a container to bring all my stuff from California to Bangalore. It usually takes 2 months for the ship to arrive via Hong Kong and Chennai ports and on road to Bangalore. I came by flight and stayed in a hotel in Bangalore and hired a Remax real estate agent and told him my requirements of an independent villa in a gated community and my budget is 1C in 2009. The deal needs to be finalised before the ship arrival in India. He laughed at me saying that it is impossible to get a villa for that price and asked me to be flexible for additional 0.5 C. I refused to live in an apartment as I am civil engineer and it would hurt my pride (pun intended). After a lot of searching, could finalise on a villa near to ITPL. I came to know my house is the cheapest in that locality. There were villas costing 16 crores (3 million USD in those days, one can get a home in Manhattan). Being a civil engineer myself , I could not digest the fact that the 16 crores villas don’t have an underground drainage system in Bangalore. The real estate industry is not regulated in any scientific way and is driven by hype and no logic in India.

[JediKnight]

Originally Posted by Mystic

Being a civil engineer myself , I could not digest the fact that the 16 crores villas don’t have an underground drainage system in Bangalore. The real estate industry is not regulated in any scientific way and is driven by hype and no logic in India.

The only theory that explains real estate in India is the GFT theory - "Greater Fool Theory". The theory states that there always exists a greater fool than yourself who will pay higher cost for a property that you have already foolishly over paid".